Bank of Singapore confirmed that it had completed the acquisition of the wealth and investment management business of Barclays PLC in Singapore and Hong Kong (Barclays WIM Singapore and Hong Kong).
As of 7 April 2016, the day the agreement was signed, Barclays WIM Singapore and Hong Kong had Assets under Management (AUM) of about US$17.5 billion. US$13 billion in AUM has been successfully transferred to Bank of Singapore, resulting in a purchase price – which was set at 1.75% of the AUM transferred upon completion – of US$227.5 million.
With an AUM base of US$62 billion as at 30 September 2016, the additional AUM brings the total AUM for Bank of Singapore to more than US$75 billion. Also, more than 60 bankers have been added to the strength at Bank of Singapore.
Bank of Singapore was formed in 2010 from the combination of the former ING Asia Private Bank business and OCBC Private Banking business. It grew its starting AUM of US$22 billion to US$62 billion as at September 2016. Bank of Singapore is also able to leverage the international network and expertise in commercial and investment banking of its parent company, OCBC Bank.
Mr Bahren Shaari, Chief Executive Officer of Bank of Singapore, said: “The Barclays WIM Singapore and Hong Kong team have shared with us that their clients were more than convinced about the capabilities and competencies of Bank of Singapore. One key driver was the fact that we have organically grown the AUM from US$22 billion in 2010 to US$62 billion this year.”
The majority of relationship managers from the combined workforce of Barclays WIM Singapore and Hong Kong have joined Bank of Singapore. Two former senior Barclays employees have been appointed as members of the Bank of Singapore management committee. Singapore-based Mr Vikram Malhotra and Hong Kong-based Mr Andrew Sum come on board as Global Market Heads. BM